New version of QUIK OMS software

14 october 2016

ARQA Technologies released a new version of QUIK OMS — 3.0. The version features enhanced functionality including revised OMS order processing, new user roles and improved trading capabilities.

OMS order processing

Unlike its usage in the previous versions the latest software has ‘booking’ as a separate transaction which results in cash (or assets) being transferred from an intermediate account called ‘Trader’s Book’ to the client’s account and commissions being charged. Such booking may happen at once involving the full amount or it may be broken in several transactions separated in time.

The Trader’s Book is a special account used for storing resources involved in traders’ transactions. In the new version of QUIK-OMS such an account also serves for another purpose. Every Trader’s Book is attributed to one company within the group that employs the software. End clients may be serviced by one or several companies within the group. Such an approach may be desirable when companies within the groups are established in different legal environments or have access to different trading venues.

One of the major innovations in the latest software is the possibility to reprocess transactions concluded in previous trading sessions.

Alongside the existing mechanism of commission calculation new functionality has been developed for remuneration calculation. Remuneration is calculated expressly for every trade and embrace client commission, broker compensation and other. Rules of calculation and attribution criteria for all types of rewards are adjustable.

User roles

In addition to the existing roles of Sales, Trader and Client the system has acquired a new one — that of a Middle officer. The new role has extensive powers allowing it access to any information and authorizing it to perform any type of operation with the exception of exchange order execution. The Middle officer has the exclusive power to change and cancel trades from previous periods.

Unlike its previous versions the latest system does not have an OMS order expressly assigned to a particular Salesperson or Trader. Order processing and execution may be taken over by anyone with requisite rights.

Clients forwarding their OMS orders via FIX are now provided an additional service to have some of their order parameters corrected. An order with some faulty parameters does not have to be returned to a sender; instead it is handled and corrected by the Sales.

New possibilities for the Trader

Beside all traditional execution opportunities for an OMS order (exchange venues that QUIK has access to, off-exchange venues, via an ordinary or algo-order) the Trader may now trigger execution via an external algo-machine having previously selected an appropriate algo and having entered required parameters for it. While initiating the order to be executed by an external platform the Trader is also capable to choose an executive broker that will forward the order for execution.

The Trader now has an opportunity to overfill an order, that is, execute it for a larger volume than indicated originally.

Modified user interface and other ergonomic improvements

The staple OMS order form has been reworked — it may now be shrunk with only most essential information left visible. Forms that are to be used by the Sales, Middle officer and Trader have been adapted to suit their functional capacity.

Adjustable filters have been extensively adopted. Order execution modes are now selected out of a list, instruments may be prearranged to suit preferences of a trader, e.g. those used lately may be on top.

The developments in QUIK OMS that enhance its previous functionality allow the system to be flexibly tuned for use by companies with extensively varied business processes to service diverse end client groups.

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